Business Name Registration in Nigeria

A Business Name is the simplest form of business registration in Nigeria, designed for individuals or small groups running a trade, service, or venture without forming a full limited liability company. There are two types:

• Sole Proprietorship: one owner, full control, and full personal responsibility for the business.
• Partnership: two or more owners (up to 20) sharing ownership, responsibilities, and liability.

It's the fastest and most affordable way to formalize a business, and it's what most freelancers, traders, consultants, and small business owners in Nigeria start with.

A Business Name is ideal for sole proprietors and partnerships looking for a simple and affordable way to operate legally. A Limited Company (Ltd) is a separate legal entity that offers limited liability, can have shareholders, and is generally better suited for businesses planning to grow, raise investment, or bid for larger contracts.

Choose a Business Name if you're a freelancer, consultant, artisan, online seller, or small business owner starting out. Choose a Limited Company if you want greater legal protection, plan to scale your business, or need a more formal business structure. If you're unsure, our team can help you choose the option that best fits your business goals.

In Nigeria, any individual, group of individuals, or corporate entity can register a Business Name with the Corporate Affairs Commission (CAC) under the Companies and Allied Matters Act (CAMA 2020), provided they meet specific basic legal criteria. 

To be legally qualified to register a Business Name, you must meet the following conditions:

• Age: You must be at least 18 years old. Individuals under 18 can only be added as partners if there are at least two other adult partners.
• Mental Capacity: You must be of sound mind and not legally disqualified by law.
• Financial Status: You must not be an undischarged bankrupt.

Yes, NIN (National Identification Number) is now required for Business Name registration, along with:

• Valid means of ID (National ID, international passport, or driver's license)
• Passport photograph
• Proposed business name (with 1–2 alternatives, in case of similarity conflicts)
• Nature of business/line of activity
• Registered business address (a home address is acceptable)
• For partnerships: the above for each partner.

Name availability is checked through CAC's name search tool, which compares your proposed name against the existing register and flags similarity conflicts. We run this check before filing, so surprises are caught early.

If a name is rejected or queried, it's usually because it's too similar to an existing registered name, or it uses a restricted word. In that case, you'll need to submit an alternative name or provide additional justification/documentation.

This is one of the most common causes of delay, which is why submitting 2–3 backup name options upfront is worth doing.

Certain words (like "Federal," "National," "Government," "Bank," "Insurance," or names implying a chartered institution) are restricted and require special approval or aren't permitted at all for a Business Name.

It takes less than 24 hours. Thanks to the CAC’s new Intelligent Company Registration Portal (iCRP), name checks and registration approvals are fully automated.

Splashdict processes your submission and delivers your official digital certificates on the same day, subject to real-time identity clearance.

The cost depends on the type of Business Name you want to register.

At SplashDict, Sole Proprietorship Business Name registration costs ₦38,000, while General Partnership Business Name registration costs ₦45,000.

Our fixed fee includes the CAC filing fee, name reservation, Certificate of Registration, Status Report, and TIN registration where applicable. There are no hidden charges.

Once approved, you'll receive:

• Certificate of Registration (digital, downloadable from the CAC portal)
• Status Report, confirming your registered name, business type, and registration number

You'll also typically be issued a Tax Identification Number (TIN) tied to the registration, which is required for tax compliance and often requested by banks.

With your Certificate of Registration and TIN, you can open a corporate/business bank account in your business's name, separate from your personal account, which most banks require for anything beyond basic personal banking.

Yes, you can upgrade your Business Name to a Limited Liability Company (Ltd).

To do this, your existing Business Name must have all past annual returns fully paid, and you must file a Notice of Cessation to officially close it. Then, you submit a formal Letter of Consent to the CAC authorizing the reuse of your name under the new corporate structure.

Once approved, you will complete a fresh incorporation process with new directors, shareholders, and share capital.

The CAC will then issue you a brand-new RC Number and a corporate Tax Identification Number (TIN).

Note that you will need to open a new corporate bank account and formally transfer any old assets or contracts to the new company.